Washington/New Delhi: US President Donald Trump on Saturday announced hike in tariffs on all countries to 15 per cent from 10 per cent, which was imposed a day earlier.
Following a Supreme Court verdict against his earlier sweeping tariffs, Trump on Friday imposed a 10 per cent tariffs on all the countries, including India from February 24 for 150 days.
Commenting on the 10 per cent tariff, the Indian government on Saturday said it is studying these and their implications.
“Based on a thorough, detailed, and complete review of the ridiculous, poorly written, and extraordinarily anti-American decision on Tariffs issued yesterday, after MANY months of contemplation, by the United States Supreme Court, please let this statement serve to represent that I, as President of the United States of America, will be, effective immediately, raising the 10 per cent Worldwide Tariff on Countries, many of which have been “ripping” the U.S. off for decades, without retribution (until I came along!), to the fully allowed, and legally tested, 15 per cent level.
“During the next short number of months, the Trump Administration will determine and issue the new and legally permissible Tariffs, which will continue our extraordinarily successful process of Making America Great Again,” he said in a social media post.
In a proclamation titled ‘Imposing a Temporary Import Surcharge to Address Fundamental International Payments Problems’ dated February 20, Trump said he is imposing, for a period of 150 days, a “temporary import surcharge of 10 per cent ad valorem” on articles imported into the US,” effective February 24.
In a major setback to Trump’s pivotal economic agenda in his second term, the US Supreme Court ruled that the tariffs imposed by Trump on nations around the world were illegal and that the president had exceeded his authority when he imposed the sweeping levies.
Further, a fact sheet issued by the White House said Trump is invoking his authority under Section 122 of the Trade Act of 1974, which empowers the President to address certain fundamental international payment problems through surcharges and other special import restrictions.
The fact sheet noted that some goods will not be subject to the temporary import duty because of the needs of the US economy.
The goods include certain critical minerals, metals used in currency and bullion, energy, and energy products; natural resources and fertilisers that cannot be grown, mined, or otherwise produced in the US; certain agricultural products, including beef, tomatoes, and oranges; pharmaceuticals; certain electronics; passenger vehicles, some light trucks, certain medium and heavy-duty vehicles, buses, and certain aerospace products. Trump lashed out at the Supreme Court justices who ruled against him, calling them “fools and lapdogs”.